Many people stung by the real estate bubble bursting haven’t yet realized the market has greatly improved. Listening to the national news or even the county real estate updates is irrelevant here in the city. The chart below graphically shows how the inventory (supply) has shrunk. This chart depicts only single family homes in West Seattle. While the pending sales (demand) has steadily risen over the past couple years. The value of any product is determined by supply and the demand for that supply.
There are lots of buyers out now picking up some real bargains. Other buyers are waiting for the ‘bottom’ of the market and the only way to know when the bottom occurs is when it has already passed. Then you missed it. Waiting any longer to own your own home will be counterproductive because the prices haven’t taken off yet and the interest rates are in the low 4% range.
Sellers what are you waiting for? There is a definite need good homes on the market now. It is not unusual to see the pending sales with multiple offers and market times within a week. If you are ready to move now is the time. The market can change on a dime as we have seen. Take advantage of the timing of the market to make your move to a bigger home, to downsize, to an independent/ assisted living home, or just to “cash in your chips”. Feel free to call, text, or email me to chat about your own personal situation.
I, and others, would really love to hear your story about an upcoming move or a recent home purchase or sale and whether it was a good experience or a negative one for you.
No comments:
Post a Comment